Reform of the Policy on Public Debt Limits in IMF-Supported Programs

International Monetary Fund

No 2020/061, IMF Policy Papers from International Monetary Fund

Abstract: This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.

Keywords: PP; debt vulnerability; financing arrangement; debt limits policy; debt conditionality; heightened debt vulnerability; fund staff; low income countries; Debt limits; Government debt management; Debt sustainability; Concessional external borrowing; Global; Africa (search for similar items in EconPapers)
Pages: 67
Date: 2020-11-11
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